Stock futures rose Wednesday as Wall Street prepared for a decision on interest rates from the Federal Reserve. Economists and investors widely expect Jerome Powell and his colleagues at the central bank to keep the federal funds rate steady.
Instacart
(Symbol: CART) The online grocery-delivery company was down 3.2% to $32.63 in premarket trading after Tuesday’s close, having gained 12% to $33.70 in its first trading session. The stock opened more than 40% above its initial public offering price and hit a high of $42.95.
Ford Motor
(F) Unifor, which represents Ford’s Canadian automaker, rose 0.3% at 11:59 p.m. on Tuesday after reaching a deal with U.S. automakers. The deal covers 5,600 workers at Ford’s Canadian plant. American Auto Workers at Ford;
General Motors
(GM) and
Stellar
(STLA) will remain on strike, threatening to extend the strike if negotiations with the United Auto Workers do not progress by Friday.
Pinterest
( PINS ) rose 3.7% to $27.19 after executives spoke at the social media company’s first investor day; Compound annual growth rate Mid- to high-teens over the next three to five years, compared to high-single-digit guidance for the third quarter. The stock was raised by DA Davidson from Neutral Buy to Outperform and its price target raised to $35 from $25. Citi analysts also revised their recommendations.
Pinterest
to buy.
Intel
( INTC ) was up 0.2% in premarket trading after falling 4.3% in the previous session. The stock was an excellent performer in
Dow Jones Industrial Average
That’s after the chipmaker made some cautionary comments on data center chip demand during a meeting with analysts connected to Intel’s innovation client event on Tuesday. According to Chief Financial Officer David Zinsner, the channel’s inventory of data center processors is taking longer to clear than the company’s PC processor workload. Intel said it was finding the recovery in the data center business to be “slightly slow.”
Coty
( COTY ) gained 5.8% after The beauty product company took the view Citing “strong beauty demand, particularly in luxury fragrances,” for the first half and full year of fiscal 2024.
Shares of
nCino
(NCNO) later fell 4.2% to $31.69
Morgan Stanley
He downgraded the financial-technology company to Underweight from Equal Weight and has a price target of $24.
Zebra Technologies
( ZBRA ) fell 3.1% to $244.39 after being downgraded from equal weight to underweight by Morgan Stanley.
Steel case
(
SCS
It rose 3.3 percent after the furniture company said it expects “significant improvement.” Adjusted fiscal year revenues As more companies issue back-to-office orders, he’s seen demand levels improve “as clients seek our help to engage in the evolution of their workplaces to help their employees work, connect and perform better,” he said.
Western Digital
( WDC ), a supplier of disk drives and flash-memory chips, rose 2.9% after being upgraded from Neutral to Outperform by Exane BNP Paribas.
Dollar total
( DG ) Shares of the discount retailer fell 1.8% to $113.06 after being downgraded from neutral to underweight.
JP Morgan
.
The price target was lowered from $132 to $116.
General Mills
( GIS ) rose 0.5% in premarket trading after the cereal maker reported fiscal first-quarter earnings and sales that slightly beat analysts’ estimates and reiterated guidance for the fiscal year.
Write to Joe Woelfel at [email protected]
